4 Tips To Create An Accurate Budget For Training Management Software

You need to spend money to make money as they say, and investing in training management software can actually save you lots of money. You just need to be willing to budget for that initial expense. Find out how below!

How To Accurately Develop A Budget For Training Management Software

With any new business purchase, there is obviously going to be additional cost involved. This can automatically put a management team off making a change to try and prevent the business spending any money. Just because you’re spending a chunk of money at the outset doesn’t mean you’ll actually be spending more money in the long run, though.

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Training management software is designed to save your business both time and money. So, even though the initial expense may make you wary of making the change, it will benefit your business in the long run.

We’re here to show you how to accurately budget for your training management software purchase. the money it is going to save you over time will more than cover the cost of purchase. T. Staff Productiveness

Training management software is designed to make your business more productive and perform a lot of those boring, repetitive tasks. Those usually involve a lot of duplicate data entry, so your staff don’t have to worry about them.

If your staff aren’t having to deal with these kinds of tasks, it will mean they will have a lot of free time to perform other tasks in the business. This means you’ll be getting more work done than you were before, but with the same size team. That’s an instant productivity increase without you really having to put in much effort.

Here are some of the ways training management software can handle those administration tasks for you, and leave your team to focus on more important things:

Send all your course related emails automatically using communications triggers. All the relevant information about the course and the student’s contact details are pulled in automatically from your training management software, so once your email templates and triggers are set up, all your emails can run without you having look after them.

You can also use communications triggers to send things like invoices, certificates, and surveys to students.

Generate certificates in seconds for your students, again pulling all the information you have already stored within the system, so you can be sure they will be accurate.

Create course templates so when you are scheduling several instances of the same course, you only need to enter the information into the template. Then you can simply copy all the information across to every instance of the course you create. This means you don’t have to input the same information over and over again because it’s all done in a few clicks.

2. Less New Hires

As we mentioned above, training management systems can give you the ability to get even more done with the same size team you currently have. This also means that you shouldn’t have to hire staff as regularly as you may do at the moment.

If you were getting quite close to your staff working to capacity, bringing in a training management system will free up a lot of their time. It will also allow them to do the additional work you would be hiring someone else to cover.

While training management software won’t prevent you hiring more staff ever, as you will obviously want your team to grow as your business does, it will mean you can get more out of your current staff without overloading them. Therefore, you won’t need to increase your team as often.

Not only will this save you the salaries you would be paying new members of staff, but it will also save you all the costs associated with posting jobs, performing interviews, and onboarding new staff.

3. Only Using One System

One huge benefit of training management software is the fact that you are able to simply rely on one system instead of lots of different systems. This is handy for a number of reasons:

Everything Is In One Place

Rather than having to hunt through various different systems and check with lots of different people in your company to find the exact information you need, having one centralised storage point for all your company’s data will mean that you only have to look in one place and everything you need will be there.

Everyone Is Working From The Same Data

If you’re pulling data from a spreadsheet or a document, there’s always the risk that other members of staff are working from slightly different versions of the same document, and therefore have different data. In training management software, everything is updated in real-time, so you can always be confident everyone has the same data to hand.

Less Training

If you’re only using one system as a business, it means your staff only need to be proficient in using that software. They don't have to try to be experts in lots of different systems, which can get confusing. It will also make on-boarding a lot easier as new staff won’t be overwhelmed with lots of systems, different training, and trying to remember logins. In other words, everything will be condensed into one system only.

Most training management software will include a course booking system, a CRM, a reporting system, a financial system, a sales system, a marketing system, the ability to manage your internal team, and if you’re really lucky a Learning Management System as well. Just think how much money you would save if you got rid of all those separate systems you are currently using as a business. Why not simply invest in some really good training management software instead?

4. Secure More Deals With Online Course Sales

Training management software will give you the ability to easily list and sell your courses online. This means customers can browse all the courses you currently have on offer, purchase the courses they need to, and complete payment on your website. They can do all these without you having to lift a finger.

You can even use automated communications to make sure they are sent their purchase confirmation, invoice, and class joining instructions, which will all be triggered by them making a purchase.

As with our first point, allowing the training management software to take care of a lot of tasks your staff would usually have to deal with means that they will have more time to deal with other tasks. Your sales team won’t have to be stuck to the phone all day making sales, as customers can simply purchase instantly on your website.

It also means you’re a lot less likely to miss out on a sale, which will mean even more income for you. If all your sales team are currently busy on calls, a customer may not be able to get through and may end up purchasing elsewhere. Selling online means they have multiple options to buy, as well as freeing up your sales staff. That is if customers do want to purchase over the phone it should be easier.

It also allows your customers to purchase whenever is convenient for them, and not just during your office hours. Again, this could mean more sales for you, as customers will be able to make purchases from you 24/7 rather than you losing out to a competitor who offers online sales when you don’t!